Income tax: capital gains: are there any circumstances in which the premises used in a business of providing accommodation for reward may satisfy the active asset test in section 152-35 of the Income Tax Assessment Act 1997 notwithstanding the exclusion in paragraph 152-40(4)(e) of the Income Tax Assessment Act 1997 for assets whose main use is to derive rent?

the active asset test in section 152-35 of the ITAA 1997. 19. A CGT asset is an active asset ... References: active asset active asset test basic conditions for relief capital gains capital gains tax CGT assets CGT small business relief small

Income tax: capital gains: small business concessions: can trustees or members of a complying superannuation fund 'control' the superannuation fund in the way described in section 152-30 of the Income Tax Assessment Act 1997 ?

the ITAA 1997. Small business concessions 13. For the small business concessions to apply in relation to business real property owned ... Related Rulings/Determinations: TD 2006/D34 Subject References: active asset active asset test CGT small business relief complying superannuation funds connected entity maximum net

Non-concessional MIT income

the airport facility. Also, the business park and the individual assets comprising the business park could not be considered as an economic ... being available for use and suggests some activity with respect to the asset. That asset must also first exist

Compendium

value of the relevant loss, outgoing or expenditure is relatively small compared to the relevant income. This disproportionate outcome is not consistent ... circumstances when income is characterised as NALI. Capacity in which activities are performed - SMSFs 4 It is submitted that an individual can

Restructures and the thin capitalisation and debt deduction creation rules - ATO compliance approach

insignificant assets 293 Example 32 – compliance approach for small asset holding 299 Example 33 – compliance approach for small asset holding and subsection ... rights. Example 32 – compliance approach for small asset holding Diagram 30: Compliance approach for small asset holding 299. Aus Hold Co wholly

Application of section 45B of the Income Tax Assessment Act 1936 to demergers

existing business, a business restructure could involve any one or more of a wide variety of initiatives of a business nature, the ... has ever taken an active interest in the security business. Bob assumed responsibility for running the security business in 1995 and has

Application of General Anti-Avoidance Rules

tax benefit, includes a sole or dominant purpose test and is activated by the making of a determination by the Commissioner. The ... his affairs. Suppose the Smiths want to start a small grocery business. The Smiths could organize their affairs in several ways

Forestry managed investment schemes

from an initial investor), or • capital gains tax (CGT) small business concessions under Division 152. 3. What to consider when ruling ... provides guidance on activities of employees that are not direct forestry activities. It states: Greentrees Ltd's sole business is the management

Compendium

refers to 'actual activities', because the test in subsection 130-85(4) refers to the trust's 'sole activities'. So we must ... the trust's activities in their entirety that must be tested against the activities in paragraphs 130-85(4)(a), (b) and

Compendium

activity is renting out an investment property claim the CGT small business concessions in relation to that investment property? It is not ... the premises used in a business of providing accommodation for reward may satisfy the active asset test in section

Income tax: capital gains: goodwill of a business

other assets of the business? 27. Goodwill is one CGT asset separate and distinct from other assets of the business such ... CGT business becomes a different post-CGT business. Goodwill, as a whole, is either a pre-CGT asset or a post-CGT

Income tax: capital gains: application of CGT event K6 (about pre-CGT shares and pre-CGT trust interests) in section 104-230 of the Income Tax Assessment Act 1997

Omitted.] Can small business CGT relief in Division 152 apply to a CGT event K6 capital gain? 179. Small business relief ... after the application of both the CGT discount in Division 115 and the small business concessions in Division 152. 186. Such

Compendium

The terms 'property', 'assets' and 'CGT asset' The Ruling considers the meaning of the terms 'property' and 'assets', and distinguishes those terms ... capital gains: small business concessions: what 'liabilities' are included in the calculation of the 'net value of the CGT assets

Income tax: listed investment companies

gain, a *CGT event must happen. An example would be *CGT event A1, the disposal of a *CGT asset in respect ... respect of the *CGT assets; • the *capital gain must result from a *CGT event happening to a *CGT asset owned

Income tax: government payments to industry to assist entities (including individuals) to continue, commence or cease business

business) there will usually be CGT consequences. In a case where CGT event A1 applies to the disposal of an asset, the ... CGT event that is also a balancing adjustment event that happens to a depreciating asset or a section 73BA depreciating asset. Previous

Compendium

treating the application as valid if there are sufficient assets left in the accumulation section of the fund to meet the resultant contributions ... business owners and their advisors if this example could be expanded in a simple way so as to also outline the CGT

Compendium

such goodwill? Aco carries on the business of manufacturing widgets . Aco acquires the business assets of Bco which also carries on the ... business is a CGT asset separate from the goodwill of the business. The restrictive covenant constitutes a 'CGT asset' as defined

Income tax: deductibility of expenditure on a commercial website

business of primary production?, Cindy carries on a business. Her business will be treated as a small business entity. 79. The cost ... the relevant CGT asset. 239. The cost base of a CGT asset consists of five elements. Where the CGT regime applies, commercial

Income tax: aspects of the third party debt test in Subdivision 820-EAB of the Income Tax Assessment Act 1997

relevant CGT asset, but subsequently relates to other business activities (or otherwise subsists after the relevant creation or development activities have ceased ... relevant CGT asset, but subsequently relates to other business activities (or otherwise subsists after the relevant creation or development activities have ceased

Income tax: primary production and forestry

concessions which apply to primary producers. Carrying on a business 86. One of the tests which must be satisfied for forest activities ... repetition and regularity of the activities ( Ferguson (supra)); (v) whether the activities are organised in a business-like manner ( Ferguson (supra